IPIC gains access to North American markets with buyout of NOVA

By Lisa Kerner

Charlotte, N.C., July 6 - International Petroleum Investment Co. said it completed its acquisition of NOVA Chemicals Corp.

On Feb. 23, IPIC announced it agreed to acquire NOVA for $6 per share in a court-approved plan of arrangement under the Canada Business Corporations Act.

"NOVA Chemicals will complement IPIC's existing petrochemical portfolio by providing access to North American markets and distribution channels, world-class technology, and a wider range of products," IPIC managing director and board member H.E. Khadem Al Qubaisi said in a news release.

IPIC said NOVA's shares will be delisted from the Toronto Stock Exchange and the New York Stock Exchange.

Pittsburgh-based NOVA Chemicals is a producer of plastics and chemicals.

IPIC, wholly owned by the Government of the Emirate of Abu Dhabi, invests in the hydrocarbon sector outside Abu Dhabi.

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